AmTrust Financial Services (AmTrust), a New York-headquartered multinational insurance holding company that offers speciality property and casualty (P&C) insurance products, has acquired Contractor Managing General Insurance Agency (CMGIA), a California-based MGA offering surety bonds to small- to mid-sized contractors.
The deal enables AmTrust to immediately establish its presence in the small- to mid-size contractor surety market. As part of the agreement, CMGIA will offer surety bonds to small- to-mid-size contractors across 50 states, building on its track record of managing a wide range of standard and specialty accounts.
“CMGIA's underwriting talent and agent network will be a key component in the growth of our surety business,” said AmTrust Surety president Sam Zaza.
Stephanie Shear, a seasoned surety underwriter with more than 40 years of experience, will join AmTrust's surety business along with several underwriters and support staff from CMGIA.
Commenting on the transfer, Shear said: “We are excited to join the AmTrust team. CMGIA will continue to source profitable specialty business while growing account sizes, expanding geographically, and offering best-in-class service to our agents and obligees.”